Ryder System, Inc. reported financial results for the three months ended September 30, 2026, and updated its full-year 2026 forecast. The company reported GAAP earnings per share from continuing operations of $4.16 for the third quarter, an increase of 25% compared to the prior year. On a non-GAAP comparable basis, earnings per share were $4.33, up 21% year-over-year.
Total revenue for the third quarter reached $3.433 billion, an increase of 8% from the prior year. Operating revenue, a non-GAAP measure, was $2.759 billion, up 6%. The company’s three business segments—Fleet Management Solutions, Supply Chain Solutions, and Dedicated Transportation Solutions—all reported revenue growth.
Ryder raised its full-year 2026 outlook. The company now expects comparable EPS (non-GAAP) to be between $14.85 and $15.05, up from previous guidance. The company also raised its non-GAAP return on equity (ROE) forecast to 18% to 19%. Total revenue growth is now expected to be 5%, with operating revenue growth (non-GAAP) remaining at 3%.
Regarding cash flow, Ryder expects net cash provided by operating activities from continuing operations to remain at $2.6 billion. Free cash flow (non-GAAP) is expected to be between $700 million and $800 million. Capital expenditures for the full year are forecast to be $2.4 billion.
The company noted that its debt-to-equity ratio as of September 30, 2026, was 242%, down from 250% at the end of 2025. Ryder also announced it is increasing its investment in the rental fleet to $500 million for 2026, up $300 million from its prior forecast, to position itself for higher expected rental demand in 2027.
